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CNBC
Jan 23, 2013 4:00am EST
around the world, including governments, schools, cities, hospitals, small businesses, large -- that's our job. we try to do it very well. the whale mistake up there -- no customers, wasn't venal. terrible mistake, if you're a shareholder, i apologize deeply. we did have record results, life goes on. >> when i came to the industry, i was under no illusion that the industry didn't have its issues. they need to be fixed. and what we tried to do at ubs is two things. first, i think banks need a new strategy. and we embarked on a bold new strategy for ubs. the right strategy. at the same time we need to deal with the legacy. to get on top of the issues, you need to get to the bottom of things. for us, a settlement of libor was an important step in going in that direction. these things need to be on the table. taxpayers want to know about it. and transparency simply has to be there. when we found this issue going on in the bank, we completely made contact and complied with the regulators. we had a very good interaction with regulators, we helped them separate from staff that basic
CNBC
Jan 29, 2013 4:00pm EST
hank greenberg is suing the government over the bailout terms forced on aig. how does he respond to kritics who say he's being ungrateful? he's talking to us first. international paper reported mixed earnings. we'll talk to the company's ceo about where they are headed and how corporate corruption is impacting the way he does business. that and more on "closing bell." back in a moment. [ woman ] don't forget the yard work! okay. [ male announcer ] with citibank's popmoney, dan can easily send money by email right from his citibank account. nice job ben. [ male announcer ] next up, the gutters. citibank popmoney. easier banking. standard at citibank. to deposit checks from anywhere. [ wind howling ] easier than actually going to the bank. mobile check deposit. easier banking. standard at citibank. >>> welcome back. amazon shares spiking after reporting earnings. jon fortt with more on the quarter. >> more positives to pick out of this earnings report from amazon, one being amazon saying after five years e-books is a multi-billion dollar category for them. actually physical book sales
CNBC
Jan 23, 2013 6:00am EST
bell last night. plus, the world economic forum, the most powerful names in business and government gathering in davos, switzerland. wednesday, january 23, 2013. and "squawk box" begins right now. ♪ >>> welcome to "squawk box" on cnbc, i'm becky quick with ross westgate. andrew is reporting from switzerland. that's why we've got the mountain music. we'll get to andrew in a moment. first, the top stories. the common theme here quarterly results, shares of google getting a boost. earnings and revenue topping consensus and perhaps more important metrics, revenue from google's core internet business. it outpaced many analysts' expectations. advertising rates fell less than in proves periods. as you see, the stock was up -- this morning up almost 5% in the premarket. ibm shares jumping after the bell. earnings and revenue beating the street, as well. the world's largest technology services company offering a better than expected outlook for 2013. that stock, as you see, up by 4% in the premarket. also, we had advanced microdevices. it came in with a smaller than expected loss in the fo
CNBC
Jan 21, 2013 11:00am EST
, john, it all boils down to there's a very different vision when you're talking about a government that takes about 23%, 24% of gdp and one at 20%, 21% like budget chairman ryan proposed. as we began this debate, they can't even agree on where we start because democrats believe we've already cut $1.7 trillion to $3 trillion all from domestic and defense, nondefense discretionary spending which, of course, that's not true. >> wait a minute. >> $3 trillion in discretionary -- >> no, $1.5 trillion is how the cbo. >> republicans will give you $900 billion and cbo -- you canted even agree where you're starting. >> that is a problem. >> true. but if -- what does it tell you that the ryan budget had essentially no medicare savings in the first ten years? in other words, you have a contest to cut entitlements, and the republicans say to the president, put some cuts on the table. democrats say the reverse, but we haven't seen them from anybody. >> she needs no introduction. that, of course, the first lady of the united states, michelle obama. she has changed her hairstyle. there will be a t
CNBC
Jan 29, 2013 4:00am EST
. because to meet this new target, the government would need to find $20 billion of additional euro cut. that won't help the spanish economy to go out of recession. for that reason, oli rehn thinks spain will need some incentive from stimulus measure toes improve its economy and boost its labor market. >> it has to be complemented with policies to help the unemployed find new work or training opportunities. it's important for our financial sector to give credit so they can invest and create jobs. and it will be important to maintain the fiscal consolidation. >> and the stimulus measures are indeed on the agenda. the prime minister will make an announcement on the 20th of february with a package to boost the economy and help small and medium tax breaks. we know after austerity comes the time for stimulus. over to you. >> stephane, thanks for that. also to come, we're going to hear about ten coming bank of england governor about what else? reform. >> and mark carney will join us. we'll be right back. >>> welcome back to the program. the fed begins a two-day meeting today and will deli
CNBC
Jan 25, 2013 4:00am EST
. >> yeah. of course, we were speaking to the govern of the bank of italy about this, as well, this morning. he was saying, look, we didn't drop the ball over derivative trade. this is -- he said we shouldn't have any concerns about the stability of this particular bank. >> the situation was known and under careful consideration for a long time. as a matter of fact, we have been pulling the liquidity conditions of the bank and in the eba analysis and the need for further capitalization, we clearly doubt that there was a need of further capitalization and the bank was not able to provide -- and then the issue of the loan. so this is the process that we are considering. >> all right. that's governor of the bank of italy. also, coming up on today's program, mario draghi is speaking here in davos in around about 20 minutes. don't go anywhere. >>> coming up from davos, in the meantime, though, i want to give you a check on market action on this friday as we basically wrap up, get close to wrapping up the month of january. the stoxx europe 600 is looking up about 0.2%. it's mostly advance
CNBC
Jan 25, 2013 6:00am EST
development if national governments will persevere in their actions. both in fiscal consolidation, but especially now on the front of structural reforms. >> steve liesman is here with a little bit more on this, but you're not wearing long underwear. >> no. but i have any gloves on. >> you're a little cold. >> we've been standing out here for a while. what did you think of draghi? a lot of people here talking about it and i wonder whether it's going to ultimately move the market. >> there's a couple of things. he said the victory lap. he said we relaunched the euro in 2012. a lot of talk with chris at this teen legarde in europe today. 2015, talking about this growth in the back half. i think draghi's intentions today were not to mess things up. the general feeling here is that what the ecb has done with the current situation, perhaps created the underlying conditions for growth. >> i hosted a dinner with christine legarde last night. one of the things that came up mario draghi said this morning that maybe we have good fall back into a problem again. >> well, that's a good question. but
CNBC
Jan 23, 2013 12:00am EST
duke university. she advises the federal government and is the codirector of this multimillion dollar laboratory which works with stem cells harvested from umbilical cord blood. dr. kurtzberg told us there's no evidence yet that stem cells can treat cerebral palsy. >> some of the diseases that we see stem cell cures offered for on the internet include multiple sclerosis. >> there are no stem cell cures yet for multiple sclerosis. >> lou gehrig's disease? >> i wish there were, but there are not. >> you know, i wonder how often it happens that you have to tell a patient, "i'm sorry. there's nothing we can do." and then they come back to you two days later and say, "well, i see all these cures on the internet." >> mm-hmm, i get many of those calls and emails and see many of those patients. but it's very dishonest to mislead people when there's nothing you can do. [ticking] >> coming up, confronting dr. ecklund. >> frankly, dr. ecklund, you have nothing to base your results on. there's no clinical trial, there's no-- there's no blind study. there are no medical papers published. >> that d
CNBC
Jan 25, 2013 6:00pm EST
earthquake that had nuclear radiation and you had a government that was paralyzed. is it possible that just now the rebuild is beginning from fukushima? >> well, the initial rebuild from fukushima was temporary housing, modular, very little wood frame housing. but the immediate need was for emergency shelter. and the problem with the tsunami was that it hit some rural areas. they had major infrastructure to rebuild. some of those places they probably won't be able to rebuild. but we are starting to see some resurgence in japan. you know, our exports are up not just because of the impact of the earthquake and tsunami but we're starting to see some government stimulus in japan now in order to help pull them out of a recession, and then there's also a new tax change that's being put in place in roughly 2014. so there's some additional spending taking place there. but i think that the rebuilding that's taking place today as you comment is very different from what took place after the kobe earthquake. >> i've got to tell you, dan, this is the best i've seen your company. you've got the real esta
CNBC
Jan 22, 2013 4:00pm EST
different ground. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might even accept the sequester. some of the stakes appear to be fading from these disagreements that paralyzed washington at the end of last year. >> when i heard this original deal profrksd i thought it was on the condition that the senate eventually congress had to actually pass a budget finally. >> that's still on the table. >> that is still on the table. a little bit less clear is the fate of the idea that somehow pay would be suspended for members of congress if they don't pass a budget. >> right. >> there are questions about the constitutionality of that provision, but the entire provision is to try to force the senate to force a pass a budget, and the senate intends to do that. >> that's significant because it's written within the law that when you pass the budget the debt ceiling automatically gets raised and then you don't even have to have this discussion at all. even before the debt fight was pushed off in the spring the equi
CNBC
Jan 25, 2013 1:00pm EST
operating, if not totally operating in a pyramid scheme. >> you need a government authority to come in. ackman doesn't own the government. the government is not sitting there thinking, we ought to go in and investigate this. >> how do you know? how do you know what the senators are doing right now? how do you know what attorney generals are doing right now? >> okay. here is what i know. you need a tro. >> very quickly. we are going to take a break and come back. >> speaking of all that, i think one interesting story line that gets the government involved, is sure have you massive institutional investors, ackman, icahn, loeb and briefly einhorn getting involved. whether they are in or out now, we don't know. but they are trying to turn this into a retail trade. ackman made what he considered to be a public service announcement about the perils of being a distributor of this company. perhaps a buyer/user of the product as well as investor. and i think they are using us to get the public message out. >> we haven't even touched on mr. loeb's involvement in this whole thing. i would love to
CNBC
Jan 23, 2013 3:00pm EST
market. the republicans are incapable of embracing austerity. the government is borrowing the fed's money into existence, and it's driving another bubble in stock prices, what a surprise. >> all of which were the reasons why you were staying away from the market so now you're throwing in the towel on the political agenda. >> it wasn't so much driven into investors' heads that congress was incapable of embracing austerity. now we know. look, the sequestration was supposed to happen january 1st. punt on that one. debt ceiling, supposed to hit that. now it will be steve 19. there's no austerity. >> what michael is saying in a very long-winded way is don't fight the fed. not fighting the fed. the fed, europe, japan's now with b to go hog wild. >> sure, sure. >> the whole world is printing new money. >> abe, the new prime minister of japan, japan is at least discussing a new quantitative easing scheme for them. they are going to be printing a lot of yen. >> the point is all that tends to be good for assets like stocks? >> very stimulative. europe will have to start printing money as well
CNBC
Jan 28, 2013 9:00am EST
macro economics and markets are tough to forecast what government is going to do, puts itself in a whole new category. i would say they have a proclivity for doing nothing. and if you look at it that way, and say, okay, that's kind of what their leaning is going to be, i would say there's a good chance we could have the sequester actually ku lly occur. i'm not one of the guys who becomes paralyzed by the idea that the sequester will happen. it's about $100 billion a year on about a $3.5 trillion spend. so at 3% reduction overall, even though, yeah, you could say it's not done thoughtfully and proactively, it's not, it's using a hatchet rather than a scalpel, but right now they show no propensity for being able to do something like this thoughtfully and proactively. so i'm not that hung up about it. and i'd say if it happens, it happens. whether it's trillion dollar in debt reduction which happens, which is a good thing, i just don't think a 3% spend reduction is a killer when it comes to what happens to the economy. in fact, i think it could be offset by a feeling that we're actual
CNBC
Jan 25, 2013 7:00pm EST
obama said in his inaugural address that he wants government to be the great income and wealth leveller in order to redistribute from the haves to the have notes? >> the commitment we make to each other, these things do not sap our initiative. they strengthen us. they do not make as you nation of takers, they free us to take the risks that make this country great. >> all right. but in today's wall street journal, nicholas eberstadt reply, yes, we are a nation of takers. america's welfare programs dispense entitlement benefits of more than $2.3 trillion a year! here now former chief economist to vice president biden and jim from the american nt prize institute. jared, $2.3 trillion a year is a big number and it bothers me that we're corroding the american work effort and we're doing some damage to society with all this dependency. >> i can make you feel much better. first of all, before i got here, i added up social security, medicare and medicaid. i got $1.6 trillion so mr. eberstadt needs to check his numbers. here's the fact -- over 90% of the dollars we spend on entitlements go to th
CNBC
Jan 25, 2013 3:00pm EST
confidence where markets know that the governments are serious about what they're doing, the pace doesn't have to be as, you know, abrupt, as hard as fast and the pace can be slower in those situations. >> what are the implications of the uk leaving the eu? david cameron said he is going to have a referendum on this. >> you know, from an economic perspective, we expect europe to be a strong region and a strong player in the global economy. from an economic perspective, you don't want uncertainty. so our dear hope is that as usual the europeans will have discussions, will have debate, will argue, will face obstacles and hurdles and come out of it stronger and that's very much my personal hope with the uk. >> so glad you're checking on the program. thank you so much. great to see you. christine lagarde. >> stick around because maria has much more coming from davos including interviews with microsoft founder bill gates and pay pal cofounder peter thiel with incredible things to say about twitter. all of it not exactly positive. that is an interview you do not want to miss coming up h
CNBC
Jan 28, 2013 1:00pm EST
banks have the market and government helping banks. so this is not a recovery. this is not a solution to a problem we had tp we have to setback the clock five years ago had readdressed the core of the problem. what is the problem? too much debt. too much centralization. anti-fragile system that recycles error for profit. just like i say, if you have a plane crash tomorrow, every plane ride would be safer. okay? no? that's how it should be. this is a good system. that not what we had. we made mistakes and remedy is not addressing the cause of the mistake and odds are the next mistake would be bigger. now we have a huge monster on, like a monkey on our back. >> very quickly. >> when people say that like bank bonds are rallying, doing well recently -- >> that's the government. >> but that because we have -- >> exactly. you're right. you are worried about why banks can borrow so cheaply. bank borrow cheaply because you lend them every april 15. you stop them up. this is not a healthy system. we have to address the core of the problem we have now. >> all right, nassim, thank you very much.
CNBC
Jan 29, 2013 2:00pm EST
government customers at least five analyst down grades on vmw, also cut about 900 jobs. vm ware systems, too. >> vmc also tanking. >> cutting their forecast as well. they missed out on two big contract renewals. with bmc, still up 25% over the past year but a terrible day. >> seagate as well. >> sales of disks drives slow, at least they are making them. seeing the trend continue. western digital down in sympathy. >> and what's this up to? >> click and clack, first quarter profit fell 50%, lower revenue and higher cost, mandy, that's a bad combination. >> that's a bad combination. >> outlook, well below wall street estimates. keep in mind stocks rose, even though guidance is weak. today, not so much. >> not so much. >> so, those four companies, are they just having four specific company issues, or is there a larger theme here to be worried about in tech? let us bring in sherry scrivener, senior analyst for deutsch banks as well as senior research analyst at craig capital as well as jon fortt in for the west coast ostensibly for something else we'll get to in a couple minutes here
CNBC
Jan 20, 2013 7:30pm EST
health care, to more and more government controls, which will bog it down and raise costs. it will not produce the progress that we need in health care. >> what impact does this reform have on your business? >> it's raising costs. it's the opposite of being affordable health care because it's making it more expensive for businesses like whole foods. as a result, that's less money that we have to pay our team members for wages or other benefits. health insurance just grows as a percentage of what the total compensation that we're paying people is. >> i know you've been very thoughtful about this subject. you've been ceo since 1980. the company has done very well. you're offering coverage to employees working more than 30 hours a week. you've seen tremendous growth. your stock up more than 1,000% since the worst of the financial crisis. tell me about the consumers' attitudes about foods. has it changed over this time? the cost, the sources of their food, what kind of sentiment changes have you seen from your customers? >> lots of different trends in this society. there's definitely a tre
CNBC
Jan 27, 2013 6:00am EST
traction on some sort of government investigation, this stock will be at 30 very quickly. how long do you think those guys are going to hold on to. to me, i think you have a lot of opportunistic longs. get in. when this thing dropped in half in almost a very short period of time, it has not made a new high for mid december and it's stuck here in a lot of ways. >> that means icahn won. the market has spoken and the stock has rallied back from the ackman low from when he made the announcement. >> right. it's as if nothing happened. >> ackman is not short this stock because he thinks it's going to zero tomorrow. >> the question is there a potential for a short squeeze still? that was carl icahn's point. if there are long in the stock, all they have to do is take that stock, take it off the market, not borrow it and it shrinks the shares outstanding. >> ackman knows his game. he's ridden stocks down to single digits. he knows what he's doing. at the end of the day to me, i think for the retail investor out there, it is a treacherous setup to try to follow either one of these guys. that's why
CNBC
Jan 22, 2013 11:00pm EST
. but i have been noticing they are getting these contracts not just government entities but they have streamlined their acts. is it a good buy at this price? >> it is an exceptional buy. we featured this stock in 2009. november of 2009. i think this stock has many, many, many points that it could run. i would like to see the company take some drastic action and break itself up if it doesn't get moving. i think you have a winner. i would own harris. dana in california, dana. >> i was hoping to revisit an old friend that you first mentioned when obama was first elected. avav. be kick it is kind of traded in a range between $25 and $35. it goes down and back up again. kurt >> yes, and what is interesting it, it has had a very spotty earnings record. it has had that up and down pattern. i liked the company but i did not help people by recommending it. it is a bouncing ball. down here, i don't know. you would have to have conviction that the earnings can be really good. i expect 2013 to be full of m and a action. that is something that the defense sector is going to be concentrating o
CNBC
Jan 24, 2013 4:00pm EST
start living within its means and high time for the federal government to get control of the unfund liabilities in the entitlement programs the way so many private sector industries have done. >> let me say on this ten-year idea for a moment. you've got your skeptics out there who say there's no way we'll get rid to balance, get rid of the 16 trillion debt in ten years, senator schumer in response to the debt limit talks said the gop, this is a quote, the gop is in full retreat on fiscal policy. >> you know, first of all, i don't think that's kind of remarks are very helpful. i mean, we have done about two and a half years of very consistent work focused on trying to get the fiscal outlook straight. you know, all the talk here in davos when i'm asked what's going on in washington, is washington finally going to get its act together to fix the fiscal chal snengs. >> we heard the president in the inauguration, what was his take? >> his speech was aimed at a political constituency. i assume he felt he needed to address. many of the things he mentioned aren't going anywhere in the u.s.
CNBC
Jan 23, 2013 4:00pm EST
, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 trillion of capital or credit for consumers or businesses. we had a problem, you know, we've fully acknowledged that we've undressed ourselves in the public and the rest of the bank is pretty well controlled and pretty well managed. the same bank that went through '07 and '08 and '09 and 2010 and 011 and for the most part did fine. whenever a company makes a mistake, you should analyze it and be better for you and make sure you apply best practices across the country. there are a couple of things we learned applying across the company. >> what kind of safeguards can you share with us that you are applying? >> look, everything we do risky, a gap in our fortress wall, and then the one -- the one that's going to go across all companies, we use models extensively, just make sure they are always used properly for the right way. we should get model obsessed. start to run your business on models, you'll get in trouble, too. >> pretty extraordinary that even with the trading loss you actually
CNBC
Jan 24, 2013 12:00pm EST
have -- sold yesterday. no chance of a canadian government letting a chinese company buy rim. somebody else may, but that won't happen. >> no chance of u.s. corporations doing business with a hardware/software maker owned by a chinese company. >> coming up on "halftime," shares of apple dropping on a big earnings disappointment. is there a bottom in sight for what is america's most valuable company, but that could change. we'll ask ubs' steve milunovich. will tonight's profit report get investors excited about the stock again? two traders, two opinions, one heated debate is coming up. >>> welcome back. the guys at five were told that the price target on apple could be hit soon following the company's disappointing earns. >> well, i think it is coming this year for sure. that's an awfully long time window. i think the way it is looking now, it should happen this quarter. >> talk like that raises the question, where is the bottom in apple? let's ask one of the top rated analysts on the street. steve milunovich joins us live from new york city. steve, always a pleasure. welcome
CNBC
Jan 23, 2013 2:00pm EST
washington? the house passed that bill to permit the government to keep on borrowing for about four more months. eamon jafers, the idea is to buy more time to get a budget deal right. >> that's exactly right, mandy. in the end, the final vote was, 285 to 144 so the measure does pass and what it does is two things. you are right, it buys time, kicks the debt ceiling back into may 19. that point they could borrow as much money as they like up to that point. after that they will reimpose a debt ceiling, they say. and suspect the pay of members of congress if their chamber of commerce hasn't agreed. politically wloo what it does is puts the debt ceiling fight down the list of political fights that are upcoming and it brings up the fight over sequestering. remember from the fiscal cliff. pe just kicked the sequestering back to the giping of march and political battle over spending cuts is something the republicans would much rather have as opposed to a fight over potential default on u.s. obligations in which they can be po portrayed as reckless. republicans liked it and voted for it but in t
CNBC
Jan 28, 2013 7:00pm EST
coming in nine days. don't listen to the big government spenders. we need budget cuts to grow the economy, shrink government and create confidence that we are not greece. and, oh, heck, my friend steve kroft lobbed a bunch of softballs at president obama and hillary clinton in his "60 minutes" interview last night. and you know what, folks, we still do not know what happened on that tragic, awful night in benghazi when four people were killed. the administration spun two separate stories, we still don't know the narrative. all that, the "kudlow report" starts right now. >>> first up tonight, it could prove to be the most significant immigration reform in years. bipartisan group of four democratic and four republican senators unveiling their blueprint this afternoon for border security, guest worker cards, more foreign brainiacs and employer verification, maybe even a path to citizenship. cnbc's own eamon javers joins us now with the details. good evening, eamon. >> well, we've almost gotten out of practice at watching bipartisan groups of senators hold press conferences here in wa
CNBC
Jan 22, 2013 4:00am EST
that's the right interpretation at all. i think this was an exercise in showing that the government and the bank of japan, the central bank are on the same page. they certainly delivered that. i think the fact that it's an open-ended asset purchase program, it was more than what the markets had been factoring in. i think the dollar/yen moves are sort of moving independently right now. and i think a lot of that has to do with the comments that we had from government saying, oh, we're not trying to manipulate the currency, which throws into question this competitive devaluation story they were banking on. instead of being explicit about that over the last couple of weeks, now they're going to have to be a little bit more implicit about that. but the man of the hour, mr. shiraka shirakawa, the bank of japan, here is what he had to say. >> translator: japan believes growth is important. we teamed up with the dwoft to strengthen our policies and work on this goal together as one. >> let's take a look at the technicals about this 2% inflation target. because at the same time today, the bank o
CNBC
Jan 28, 2013 4:00am EST
as surprisingly well as we did in the third quarter. >> he also weighed in on the irish government's efforts to boost its economy, saying progress was being made, but insisted more could be done. >> the government has not necessarily addressed all the issues. they've done well and they've certainly addressed certain aspects of the cost space within ireland. but for those companies, particularly retailers, we're operating within the irish domestic market exclusively, it's a very, very different environment with awkward rent reviews, public sector costs are highly uncompetitive right across costs such as wages. other local authority charges on retailers in particular and those with large industrial premises within the country and we also have a domestic mortgage crisis with the banks. >> now, ryanair shares are under pressure today. you can see they're trading down by better than 2%, in fact, taking the sector down, too. ez-jet is one of the worst performers on the stoxx 600 today. ryanair is roughly flat over the past seven days, so marginally higher from where we were a week ago on t
CNBC
Jan 29, 2013 3:00pm EST
information to government agencies and the bar isn't high to force them to give it up. to the bottom that have story coming up. >> and after the bell, can't miss exclusive intervows with former aig ceo hank greenberg here with his side of the lawsuit against the government and then mr. gloom and doom coming up here on this side of the rally. back in a moment. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. [ male announcer ] you are a business pro. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even ta
CNBC
Jan 21, 2013 9:00am EST
lehman brothers, the fourth-largest investment bank in the world. >> isn't the government supposed to protect the investors? >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> welcome to 60 minutes on cnbc. i'm bob simon. even though fraud played a significant role in the 2008 meltdown of the american economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster,
CNBC
Jan 22, 2013 7:00pm EST
government spending. so that does not jive with what the house is doing. >> that is a fair point. some critics say inside of the house conference there is a real fight. they want to take these bold stances on the ten year balanced budget so they can get some leverage to fund the government when it comes up for a vote in a couple of week. >> no, i think they are doing the lord's work. thank you very much. we have a couple of special guests to tell us more. democrat from vermont, shawn duffy, republican from wisconsin. to both of you gentlemen friends of this show i wish you a happy new year. mr. boehner attached a bublg et to this. >> there are no specific cuts. where in medicare or the pentagon are they going to cut? they have to specify that before you can have a serious conversation. i don't think members of congress should be playing with fiscal fire which is what we are doing when we use a tactic as a threat to plunge america into defought. i believe that republicans and democrats should denounce using that as a threat. your previous guests gave goodness about the economy. the bigg
CNBC
Jan 24, 2013 4:00am EST
governments are bringing in pressure to bring drug price down. where is the balance between the two? because, you know, we want cheaper drugs that provide for patients, but what does that do for you? >> you want, of course, affo affordable drugs, but on the other hand, we need new, good drugs because there is so much on the medical need. there are still so many diseases that are not supposedly treated. plus, science its made so much progress even in the last decade that there is an opportunity to come out with better drugs. and the simple message is the pharmaceutical industry understands that there has to be a certain control on the costs that cannot bring out of control. but on the other side, if you want to continue to have new drugs, we need to get, you know, rewarded for innovation. and this is a dilemma and not really all that is well understood by government. >> drought, very low yield from around the world. >> if value is good news, it's driving people to look for things that are going to help the world. what's the outlook for that? >> well, you know, we can help with our products, w
CNBC
Jan 24, 2013 6:00am EST
says he's considering returning to government service, potentially running for public office in california as a republican. cash kashkari has been a frequent guest. he oversaw the t.a.r.p. program during the financial crisis before going to pimco in 2009. in a statement, kashkari says he has the obligation and the desire to serve his community through public service. >> i knew he would need to do this. he is out there, he's a republican, and he is right in the middle, the vortex of these caviar communists. growth. one even became a guru. >> macaulay. >> with the beard and he's up there goes ohm, ohm. he's in the lotus position. there aren't any mountains in southern california. i don't know where he went dodd that. el-erian. el-erian writes for the huffington post. el-erian is a huge caviar communist. >> neel is a moderate republican. >> yeah. but moderate republican in the land of pimco, he has a rash all over his body. it was only a matter of time. >> this is that time. the funds he set up said it was designed for really big downturns. you can imagine a lot of people were conc
CNBC
Jan 25, 2013 4:00pm EST
inflation is real even though statistically the government doesn't tell you there it is coming back and you're seeing that reflected in earnings. i think i would look at u.p.s. to see what they come up with. my concern is how they handle the fuel costish yew. >> they've been tempering expectations recently for sure. trading places in just four months. research in motion zooming to a 52-week high from an all-time low just in september. meanwhile, as we all know, apple dropping to that 52-week low from a recent record high. >> next week it is all about the blackberry 10. what will that do to the stock? will blackberry be cooler than i-phones? that is all coming up. stay with us. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. no
CNBC
Jan 27, 2013 7:30pm EST
expect going forward? restructuring how the govern nans is done? >> last year, i think $1.8 trillion of capital or credit for consumers or businesses. we had a problem. we've fully acknowledged it. it's the same bank that went through '07, '08, '09, 2010, 2011. for the most part, did fine. whenever a company makes a mistake, you should analyze it and try to be better for it. so most of the mistake was the. c.i.o. >> let me ask you about the u.s. we saw that mortgage originations were huge for you in the quarter. you've been talking a lot about the last couple of years of housing showing true improvement and having bottomed. where are you in that? what are you expecting in the next couple years? >> housing is totally bottomed. you saw today that homes for sales come so far down that they're in short supply. they're all leading indicators. it's cheaper to buy than to rent. all-time affordability. prices are low and mortgage rates are 3.5%. it's not going to be an absence for our economy. i really think at this point, the economy will drive housing. >> what are you expecting elsewhere i
CNBC
Jan 28, 2013 4:00pm EST
huge contract. rathion $5.5 billion. these are all government contracts that are going to be effected. although this particular area of the market -- sorry. in defense has done very well since the november lows. up almost 13%, i think we're going to see a pullback as a result of this. >> well, so you think we're going to see a further instability going into the debt ceiling debate? >> absolutely. look what happened with the fiscal cliff. we're going to see nervousness. >> and yet mark you think the fundamentals are good for this economy and this market. >> i think so. while there has been some trepidation as to what the economy was going to look like in 2013 as we were going into the fiscal cliff negotiation at the end of last year, we've now seen in three consecutive months the third being this morning that durable goods orders rose. and in fact trailing three month advance in core capital goods orders is the biggest since the middle of 2011. so you have this mountain of cash in corporate america today. capital stock in the united states. it's the oldest in decades at about 17 years
CNBC
Jan 22, 2013 12:00pm EST
in government securities. this because of a charge that was lodged by the s.e.c. last year after it found that its application to become a nationally recognized statistical rating organization for these type of securities when it made that application back in 2008, it made false and misleading statements. so again, eagan jones agreeing to an 18-month ban with the s.e.c. to rate these products. the company says it's pleased with the settlement. it will continue to rate corporate bank and finance and insurance issues and then reapply to rate the other securities when the 18-month ban is lifted. shawn egann is traveling and could not be reached for comment. >> here are the top three trades. j&j topped street expectations. it's off two-thirds of 1% on that. >> they beat on earnings but they were light on revenue. the bigger story they're now proactivity talking about spinning off of some units. there's a lot of value that needs to be unlocked. the stock hasn't done anything in ten years. >> how about freeport m freepor give me the scoop. >> it sold off on news of the two acquisitions bu
CNBC
Jan 28, 2013 2:00pm EST
bonds. specifically government bonds so much right now. that will do it for this hour of "power." sue, see you when you get back home. >> you got it. "street signs" starts now. have a great afternoon. >> somebody called judge rhineholt. today we will party like it is 1989. since the year the mullet was in style, new money is rolling in. but is all this new interest one big reason to be nervous? gop seems to only talk about spending cuts while democrats seem to only talk about higher taxes. no one is talking about growth. nobody but us, that is. our special series "grow up" begins today. plus, the one stock that nobody seems to understand, but that keeps going up. we have dug out five stocks that have just killed it since the last market peak. the names you probably never heard of until today, that is, mandy. >> that is, indeed. hello, everybody. so many awesome stats it choose from. let me try. today, the magic number is 8. s&p 500 is breaking eight sessions of begins. that the longest in eight years and jumped nearly 8% over the last four weeks. through friday of the 147 s&p companie
CNBC
Jan 28, 2013 5:00pm EST
reason why is, if you look at japanese government bonds, those yields are going up for the wrong reasons. over the weekend, we had some news that japan was going to rely less on debt and more on taxes. you would think that bond yields would go down on that. but you can see here, they've really popped up.if japan start of their bond market, it's going to be a big, big problem. so, you get out of the dxj if you have the ability to short japanese government bonds, do it now. >> and tim, some of the other fundment am reasons that are going on in the population of japan, people are older, they're saving less, i mean, the savings right now is the same here in the united states. 2%. >> yeah, i think this continues. i think what's fundamentally different is that japan is actually seeking to pursue a budget deficit approach. they are effectively a trade surplus, budget surplus country. they are really pushing a weaker yen. this is leading to mass currency war talk. this is a big theme in davos, something that we've been hearing out of the emerging market countries. what is interesting now
CNBC
Jan 24, 2013 6:00pm EST
hand deferring a ridiculous and harmful government shutdown. throwing a huge turn in china that converts believers every day along with stabilization of europe and multinational companies have at last powered higher. all that good news in the jobs it creates are causing a radical revision in what we're willing to pay for future earnings. that's right, the price to earnings multiple, the ratio of how much we'll pay for the profits companies are going to have down the road is headed north and therefore so are the stock prices. we're willing to pay up because of the prospect that things are, indeed better. let me show you what i mean. let's take the transports. they've been scorching, scorching despite the index being home, beating down trucking companies, worldwide freight plays, and the railroads -- which were just annihilated by an historic decline in the most important cargo, coal. what's happening now if the economy's getting better for the airlines? the seats are being filled, raising prices. for trucks, there's more commerce domestically, more to ship. the stabilization in e
CNBC
Jan 28, 2013 3:00pm EST
general. mary thompson with the story. >> hey there. t.a.r.p. is charging the government's taxpayer money by doling out hefty executive pay packages. the firm's still on the hook. as of last year for government assistance received during the financial crisis. the special master of executive compensation for approving pay plans president agi, gm, and ally. 54% of the firm's 69 top executives earned more than $3 million. only one earned less than $1 million. too much cash. 70% receiving salaries of half a million dollars while fewer took long-term stock grants that were dependent on the company's hitting specific benchmarks. also granted to executives ally's. that plans were improperly vetted and analyzed at the office of the special master. treasury in turn pointing out at these firms is down 50% since the office was set up. and the $350 billion owed during the initial offices per view. >>> stocks on a tear this month and this year. my next guest thinks it continues at least for now. >> liz ann saunders points to the strength of housing and manufacturing as for proof of the recovery.
CNBC
Jan 29, 2013 9:00am EST
. >> toyota back on top. >> the government is going to have to speak out on this, our government. >> a lot of the lobbying groups of the automakers, we had former missouri governor roy blunt on fast last night and he's the head of one of these lobbying groups saying, president obama, you've got to do something. they cannot keep weakening the currency. it's basically providing a subsidy for the japanese agencies. >> europe will do something. they're protectionists. >> all that said, highest pre-tax income for the company in ten years. more suvs, the big fat margin products selling here in the states. >> carl, you're right. don't want to lose sight of the fact they're hiring in the u.s. business is strong in the u.s. they're cutting back for europe rather dramatically. there will come a moment where there will be a positive leverage in europe. >> dow jones pointed out -- no, up 46,000 hourly employees of profit sharing. 8 grand each. >> nice stimulus. >> always worth pointing out this was one of the automakers that did not file for bankruptcy. >> $5 a day, remember that? henry ford
CNBC
Jan 23, 2013 5:00pm EST
of data points indicating there is strength in china, whether from government numbers or independent numbers. >> yep. >> are you a buyer of that? are you seeing that play on the commodities market? >> well, we have to remember, even at 7.8% or 7.9% growth, it's not 10 or 11% growth. so it's a sign that chinese growth has not slipped but the new norm for china is significantly lower than the old norm. and that means lower demand for commodities as well. >> right. and also, the thing you have to keep in mind in terms of the commodities trade is whether or not china is actually taking inventories of certain kinds of commodities, just because they're growing, just because they're building out subways and power lines doesn't necessarily mean the trade is always higher for all commodities across the board. >> absolutely. and we've seen this in oil, where imports have gone up, refinery has put us up, but don't know what is happening with the product and it does appear that final demand at the consumer level is not growing fast. and that may mean the chinese refiners turn this into exports.
CNBC
Jan 25, 2013 2:00pm EST
today, ackman's cool approach tends to win the arguments. >> you need the government to come in and say -- >> yes. >> he made an incredible fact-base aid proed approach o y penney. >> let's get a soundbite. today's conversation between ackman and icahn went a long way past herbalife and doing business. there was dirty laundry and mud-slinging as well. let's bring up the bit about the cry baby. >> i'm telling you, he is like the cry baby in the school yard. i went it a tough school in queens. they used to beat up the little jewish boys and he was like one of the little jewish boys crying that wathat the world was takin advantage of them. and he with a was in hi office, practically sobbing about how i could help him. like the song, roux the day i ever met the guy. >> that is icahn talking about ackman. what do you think when he is getting personal about that? >> not sure the religious references were necessary there. could have been any -- you know what i mean? >> i've been there, done that. doesn't mean i'm anti-or pro carl. >> i want to get to the meat of sort of the short issue tha
CNBC
Jan 23, 2013 6:00pm EST
from various state governments, sometimes even the state department as we've seen with the endlessly delayed and controversial keystone pipeline. but the tracks already there, if you want to ship more of the stuff, add more cars, perversely, there's much more chance of an oil spill of a derailed train than a pipeline. it doesn't matter because it seems the pipelines are the bane of the president's existence. it's the best method for transporting the crude to market. these days, there are whole trains made up entirely of tank cars and they can be a mile long. think of these rail cars as another way to play the north american energy renaissance, one of my top ten themes for 2013. on tuesday morning, kansas city southern -- okay, that was last quarter. i know, off a very small base. and they said that twice off a small base. it is worth noting. they're doing a lot of frac too. mostly due to the increase in crude oil traffic coming from the bakken and canadian oil fields. last week when we heard from general electric, they told us the locomotive business was on fire with orders
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